Economy

US Treasury sells $58 billion of 3-year notes at 4.932% yield

The US Treasury sold $58 billion of 3-year notes at a high yield of 4.932%, as government bond yields keep climbing.

The bid-to-cover ratio came in at 2.62 times, roughly in line with the average of recent auctions.

For beginners Yields at government bond auctions show how cheaply or expensively a state can borrow; higher yields mean costlier debt service and set a benchmark for other interest rates across the economy.